Depending on your vehicle’s value, you can borrow anywhere from 40 to 70% of the selling price of your vehicle in the form of a pink slip loan from Car Title Loan Lenders USA Compare those percentages to a typical title loan or vehicle pawn that’s often less than 50% and you’ll see the opportunity is there to borrow a larger sum of money. With a pink slip loan, you’re handing over the actual pink slip of your vehicle as collateral for the money you borrow. The rates may be a bit higher than traditional short term loans, but pink slip lenders will look past your bad credit and other financial issues when they know they have the pink slip to your vehicle.
The Benefits of pink slip loans as mentioned here are numerous. They are advantageous if you find yourself in need of emergency money for whatever reason. Using your vehicle as collateral for a loan can oftentimes be a very chaotic process and it’s refreshing to know you can keep driving that car as long as you make on-time payments to the lender. You need to find the right auto loan for you to make a sound and positive decision. A pink slip loan can assist you in stabilizing your peace of mind and your financial stability.
Lender Requirements For A Pink Slip Loan
Any lender offering pink slip loans will require proof of your employment, your residence, and a few other items to get a picture of your financial stability. They will also want to determine the value of your vehicle to get a better understanding of how much collateral you are bringing to the table. This information will play a crucial role in determining your loan amount. The amount of money you receive depends on the condition of your vehicle. The lender requires a free copy of your credit report and your free quote to make sure you qualify for the loan. Therefore, it will be important to ensure that you have the correct information.
With an actual pink slip loan from your local DMV your vehicle serves as collateral and is therefore put up as security. This offer will be secure and usually allows you to get a great deal on your loan interest rate. If you borrow a large sum of money and you cannot pay the monthly payments, you can succumb to bankruptcy and lose your vehicle.
Find the Best Rates on a Pink Slip Loan
Searching for a legitimate online title loan lender can be a time-consuming process. There are dozens of companies both online and near you that offer different variations of pink slip loans. However, if you go to your bank and apply for a loan, they do not know who you are or what your specific situation is. The same is true for a pawnshop or direct lender that offers pink slip loans and odds are they will go by the bank when underwriting your loan application. That means it’s intuitive to shop around for a low rate and APR. The best place to start your search is to see what many of the largest most reputable lenders are offering. Most banks decline these applications because of the unpredictable nature of the applicant.
In the place of banks and large finance companies, you’re better of with a nationally known pawnshop or legitimate title loan company that discloses their rates. They can provide you with a free quote and an application or they can call you to ask if you would like to receive a quote. It is completely up to you whether or not you are going to apply. If all else fails, go ahead and give this resource a shot. If you do a little research on this you will be able to find some lenders and get a great deal.
How Much Money Can I expect With A Pink Slip Loan and When Can I Get It
Qualified applicants can get 50-70% of their estimated vehicle value in the form of a pink slip loan. This amount will vary based on certain conditions such as the age of the car and your personal finance history. In terms of a total dollar amount, you can expect anywhere from $500 to $15,000 based on vehicle equity and state regulations. If you have a full-time job with consistent monthly payments then you can expect more money than someone who doesn’t have consistent income. Once you qualify and are approved for a pink slip there’s no reason why you can’t get your cash that same day. Either have it sent to your bank or savings account or you can pick it up in person if there’s a title lender or pawn shop near you.